Nabarro, travers bag rugby estates float

Nabarro and Travers Smith have advised on the £50m London Stock Exchange float of the Rugby Estates Investment Trust. Formed to take advantage of the UK’s new real estate investment trust (Reit) regime, Rugby Estates intends to assemble a portfolio of investment properties in the UK. It will acquire privately owned investment companies with tax liabilities that would otherwise crystallise on the sale of the underlying properties.

Nabarro advised on the vehicle, led by London corporate finance partner Warren Taylor. The firm first advised Rugby Estates on its own IPO in 1994 and has acted for it ever since. Travers advised Collins Stewart Europe, the sponsor and underwriter of the investment trust float, led by corporate finance partner Alasdair Steele. Rugby Estates’ property adviser was Rugby Asset Management, the asset management subsidiary of Rugby Estates.